Disclosed herein is a flash tank of a two-stage compression heat pump system that can perform cooling and heating with a separate type intercooler and a high-stage compressor protecting device. The system comprises a fluid-level detecting sensor for detecting the fluid-level of the refrigerant, an alarm sensor for notifying the saturated state of the refrigerant filled in the flash tank, an evaporator pressure sensor for measuring and notifying the pressure of the refrigerant flowing into the evaporator, a condenser pressure sensor for measuring and notifying the pressure of the refrigerant flowing out of the condenser, a flash tank fluid-level controller for receiving signals from the above sensors and controlling intermediate pressure and the fluid-level of the flash tank, and a bypass valve controller for controlling a bypass valve that receives signals from the alarm sensor and allowing a refrigerant to directly flow from the low-stage compressor to the high-stage compressor.